Nigel Farage was on LBC stating that in a few weeks Germany will take over the rotating presidency of the European Council. Angela Merkel from the 1st of July will be taking over, Nigel Farage explains her itinerary of tasks she wants to complete in her time at the helm.
Nigel said: She wants to impose a financial transaction tax, put in place minimum tax rates across the European Union, have a harmonised corporate taxation so that no country like Ireland could choose its own lower corporate tax rate, and aim for an EU-wide Healthcare System.
Nigel goes onto say: Under Merkel its full steam ahead for a United States of Europe with Germans. Thank goodness we left on the 31st of January and I hope we can get the next phase over as quickly as possible. All the reasons that people voted Brexit are backed up with what Mrs Merkel wants to do in that six-month.
Merkels push for an imposed financial transaction tax has been very controversial amongst the Business community.
City AM Reported Adam Smith Institute head of research Matthew Lesh saying:
“We have rightly thrown our economy into the ICU to protect lives — the last thing we should do is strangle the patient before they have time to recover.
“These proposals would actively discourage everything we now need – a thriving economy in which companies employ and transact.
“A financial transaction tax that undermines the business activity we now need would be disastrous.”
Victoria Hewson, head of regulatory affairs at the Institute for Economic Affairs, said the proposals underline the importance for the UK to have “regulatory autonomy” from the EU.
“A financial transaction tax has been on the EU agenda for a while,” she said.
“The UK and some other member states strongly resisted it, but there was always a risk that the UK could be outvoted under qualified majority voting and be forced to implement it.
“Without the tax applying to transactions in the City of London, it is unclear how much revenue such a tax would raise in the EU, especially if it encourages more business to move out of the EU, which would clearly be seriously counterproductive to any post-coronavirus recovery.”
Many in the financial industry have said that the UK is exceptionally fortunate to have avoided such a crippling agenda set out by Germany due to the UK leaving the EU last January.
Head of business at the Centre for Policy Studies Nick King said it was “a relief for UK businesses that they won’t apply here”.
In conclusion, this new plan set out by the Germans, if carried out, has made the financial industry in the UK look far more attractive than any European. This is good news for the UK and also another critical tool for our negotiations in the coming trade negotiations. If businesses are driven out of the EU due to these rules, we are conveniently in the right place to scoop up business.
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